Pakistan is committed to FTA with Gulf Cooperation Council

ISLAMABAD: Pakistan is committed for finalizing the Free Trade Agreement (FTA) with Gulf Cooperation Council (GCC) to enhance the multilateral trade.

Text of initial frame work on FTA was completed with Gulf Cooperation Council (GCC) which comprise six countries including Saudi Arabia, Bahrain, Oman, Qatar, Kuwait and the United Arab Emirates, Senior official of Ministry of Commerce told APP here Friday.

He said negotiation on third round of Free Trade Agreement (FTA) between Pakistan and Gulf Cooperation Council (GCC) countries to be resumed after joint ministerial level meeting in GCCs countries presided by Bahrain.

Commerce minister of GCCs countries would meet at the end of August 2017, where Pak- GCCs FTA will on priority agenda.

He said that negotiations on FTA between Pakistan and six GCC states also would be discussed in coming negotiation round for concluding the agreement.

Replying to a question, he said Pakistan and GCC countries were committed for trade liberalization and promotion of bilateral trade and business relations.

Priority of both sides was promoting private sector to enhance business contacts and increase trade volume, he said.

The official said that Pakistan would have huge opportunity to export rice, meat, fruits and also investment in agro-processing unit in Pakistan.

He said GCC countries had opportunity to concentrate on Tourism, manufacturing and services sector of Pakistan.